EURO: Banks Win, Greece And Euro Lose On Default.

NYTIMES/    Credit-default swaps, the same kind of trades that nearly brought down mammoth AIG and the U.S. economy, are now making it harder for Greece to raise money. “It’s like buying fire insurance on your neighbor’s house — you create an incentive to burn down the house," said one analyst. These CDS's are bets by speculators Greece will default on its debts.